The bloodletting in the tech sector continues to creep into 2024. On Tuesday, eBay employees were told via an internal letter that the company will shave its workforce by 9%, or by about 1,000 full-time jobs, reports CNBC. CEO Jamie Iannone blamed a mismatch between "overall headcount and expenses" and "the growth of our business." The AP quotes him as saying, "Despite facing external pressures, like the challenging macroeconomic environment, we know we can be better with the factors we control."
NPR provides some context, writing that "while [eBay] has been largely insulated from the downturn in advertising spending, since it makes most of its money off sales commissions," sales have continued to decline from pandemic heights. The company's last big round of layoffs was in February 2023, when it cut 500 jobs.
Iannone wrote that those employees whose roles are now being eliminated would be notified over Zoom and told his staff to work from home Wednesday "to provide some space and privacy for these conversations." Its stock is trading essentially flat at the time of this writing. The AP looks at other tech companies that have recently announced layoffs, including Riot Games, which is shedding 11% of its staff, and Spotify, which is cutting its global headcount by 17%. (Read more on those cuts here.)
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